Select a Language:

San Miguel in $146 Million Sale of Common Shares

November 23, 2012

Cleary Gottlieb represented San Miguel Pure Foods Company (“Purefoods”) and the selling shareholder, San Miguel Corporation (“San Miguel”), in an offering of PHP 6 billion (approximately $146 million) of common shares in Purefoods. Purefoods’ common shares are listed on the Philippine Stock Exchange, and the shares were sold in a Regulation S offering outside of the United States. The offering priced on November 19 and closed on November 23.

Purefoods, a subsidiary of San Miguel, is a leading Philippine food company with some of the most recognizable brands in the Philippine food industry. Purefoods also operates in Vietnam and Indonesia.

San Miguel is the Philippines’ largest company (by market capitalization). Originally founded in 1890 as a single brewery, it has recently diversified beyond its leading beverage, food and packaging business to include market-leading businesses and investments in the Philippines’ fuel and oil, power, airline, infrastructure, telecommunications, banking and mining industries.